Fitch rates Royal Philips notes A-

Fitch Ratings said it assigned Royal Philips Electronics' $3.1 billion senior notes a final rating of A-. The notes include $350 million three-month Libor plus 1.15% floating-rate notes due March 2011, $500 million 4 5/8% notes due March 2013, $1.25 billion 5¾% notes due March 2018 and $1 billion 6 7/8% notes due March 2038.

Philips has a long-term issuer default rating of A-.

Proceeds will be used to refinance debt of €1.6 billion due 2008, including a €1.5 billion 5¾% bond due May (rated A-) and for working capital and acquisition financing.

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